U.K. Regulator Recommends BSkyB Sells Off Shares

Law360, New York (December 20, 2007, 12:00 AM EST) -- The U.K. Competition Commission has recommended that Rupert Murdoch-owned British Sky Broadcasting Group Plc lower its stake in television company ITV plc to below 7.5% instead of 17.9% in order to preserve competition.

However, Secretary of State for Business, Enterprise and Regulatory Reform John Hutton has the final say. He has until Jan. 29 to reach a conclusion.

In its report, which was published Thursday by Hutton's office, the commission found that BSkyB's stake in the television company would result in a substantial lessening in competition...